DXY: Rangebound for now – OCBC

Source Fxstreet

US Dollar (USD) remains a touch firmer amid geopolitical escalation between Israel and Iran. DXY was last at 97.93 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Geopolitical risks may keep risk sentiment fragile

"This morning, Bloomberg headlines stated that Iran’s new Israel strike was 'more crushing' than before. While USD rebounded last Friday, the constrained price action suggests it has yet to fully reclaim its safe haven status. Geopolitical risks—especially renewed tensions between Israel and Iran—may keep risk sentiment fragile. As such, high-beta FX such as AUD and NZD may trade on the back foot if tensions continue to rise."

"That said, de-escalation would likely weigh on the dollar and bring support back to risk proxies. Focus this week is on FOMC (Thursday 2am SGT). Status quo likely, but all eyes are on the dot plot and the press conference. Markets look for 2 cuts by year-end. If the Fed signals just one cut (last dot plot looks for 2 cut) or pushes back easing expectations, then USD could get another lift, but anything less hawkish/more dovish could trigger USD selling."

"Daily momentum is mild bearish bias while RSI shows signs of rising from near oversold conditions. Resistance at 99.20 (21 DMA), 99.70 levels (50 DMA). Support at 97.60 (recent low). Day ahead bring empire manufacturing data."

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Hits $123,000—But Inflows Are Just A Fraction Of 2024’s PeakBitcoin has set a new all-time high (ATH) around $123,000, but cryptocurrency market inflows are still far from the peak observed back in 2024. Crypto Capital Inflows Are Currently Sitting At $51
Author  NewsBTC
19 hours ago
Bitcoin has set a new all-time high (ATH) around $123,000, but cryptocurrency market inflows are still far from the peak observed back in 2024. Crypto Capital Inflows Are Currently Sitting At $51
placeholder
Australian Dollar inches higher as China’s GDP rises in second quarterThe Australian Dollar (AUD) gains ground against the US Dollar (USD) on Tuesday, following China’s economic data.
Author  FXStreet
19 hours ago
The Australian Dollar (AUD) gains ground against the US Dollar (USD) on Tuesday, following China’s economic data.
placeholder
US Dollar Index treads water above 98.00 due to renewed geopolitical tensions, CPI awaitedThe US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is edging lower after four days of gains and trading around 98.10 during the Asian hours on Tuesday.
Author  FXStreet
19 hours ago
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is edging lower after four days of gains and trading around 98.10 during the Asian hours on Tuesday.
placeholder
Bitcoin Price Retreats After Hitting ATH — Bulls Pause for BreathBitcoin price started a fresh increase above the $118,500 zone. BTC traded to a new high above $120,000 and recently started a downside correction. Bitcoin started a fresh increase above the $120,000
Author  NewsBTC
19 hours ago
Bitcoin price started a fresh increase above the $118,500 zone. BTC traded to a new high above $120,000 and recently started a downside correction. Bitcoin started a fresh increase above the $120,000
placeholder
Top Crypto Gainers: XCN, PENGU, SUI – Hold momentum while Bitcoin slips under $119,000Bitcoin (BTC) takes a breather after hitting a record high of $123,218 on Monday, resulting in a pullback under $119,000 at press time on Tuesday.
Author  FXStreet
19 hours ago
Bitcoin (BTC) takes a breather after hitting a record high of $123,218 on Monday, resulting in a pullback under $119,000 at press time on Tuesday.
Related Instrument
goTop
quote